Hungary’s Indotek Group has paid Immofinanz Group €72.5 million for four office buildings in Poland’s capital city Warsaw.
The buildings, which have a total area of 45,300 sq m, include Bokserska Office Center, Cybernetyki Office Center, Tajfun and Brama Zachodnia and had an average occupancy rate of 80% at the end of 2020.
All of the assets are modern office buildings located in popular areas of the Polish capital: the 9,000 sq m Bokserska Office Center and 6,700 sq m Cybernetyki Office Center are situated in the Mokotów district; the 6,700 sq m Tajfun is in the Włochy district; while the 14-storey, 22,300 sq m Brama Zachodnia is located in the Ochota district.
“During the first wave of the coronavirus pandemic, investors held back for a while from making any purchase decisions on the office real estate market,” said Piotr Mirowski, senior partner and head of investment aervices at Colliers which represented Immofinanz Group.
“However, the situation did not last long,” he added. “Foreign investors appreciate the high rate of return on Warsaw’s office buildings compared to those in Western Europe, while maintaining a high standard of properties and relatively low rents,” Mirowski said.